The following information was available for the year ended December 31, 2019:

Mini-Exercise 11-4 (Static) Calculate financial leverage measures The following information was available for the year ended December 31, 2019: Earnings before interest and taxes (operating income) Interest expense Income tax expense Net income Total assets at year-end Total liabilities at year-end $120,000 24,000 30,000 66,000 400,000 280,000 Required: a. Calculate the debt ratio at December 31, 2019. b. Calculate the debt/equity ratio at December 31, 2019. (Round your answer to 2 decimal places.) c. Calculate the times interest earned for the year ended December 31, 2019. % a. Debt ratio b. Debt/Equity ratio c Times interest earned times times